Ticker PFC

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Price Pence
As of 17:44 21 Sep 2018
Market cap. Pound sterling
2,210.38 million
As of 17:44 21 Sep 2018

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Positive half-year for Petrofac

Oil facility

Oilfield services firm Petrofac has trumpeted a 5.9% rise in new orders and says that higher demand has helped it to trade in line with expectations.

In a trading update the company said new order intake has stood at $1.8bn since the start of 2018, compared to $1.7bn last year.

Chief executive Ayman Asfari said: "We are well-positioned on several bids and tendering activity remains high with around $20bn of bid opportunities due for award in the second half of the year."

Scandal-hit Petrofac lost $29m in 2017

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Scandal-hit oilfield services firm Petrofac saw underlying profits improve 7.2% in 2017 to £343m - but items and write-downs saw reported profits fall into the red, with a loss of $29m (£21m).

The company - which is the subject of a Serious Fraud Office investigation - announced a dividend of 38 cents a share, down 42% on the previous year.

Cheief executive Ayman Asfari said: "We are continuing to reduce capital intensity and enhance returns, evidenced by the disposal of non-core assets and our decision to exit the deep-water market.”

Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: "The SFO investigation needs to be resolved quickly since it’s likely holding back new business wins, and with completions currently outstripping new orders the group will start to shrink unless it can get orders growing again.”